Petrobras lands $1.25bn sustainability credit line

Brazil's Petrobras has secured a $1.25bn credit line that includes sustainability commitments, the company said on July 11.

The line was secured from Bank of China, MUFG and the Bank of Nova Scotia, the national oil company said, and includes incentive mechanisms relating to the firm's key performance indicators regarding upstream and downstream greenhouse gas emissions intensity, and upstream methane intensity.

Petrobras noted it was the first time it had secured financing that is tied to its sustainability targets. The move "reinforces the company's focus on the decarbonisation of its operations and expands the liability management strategy by diversifying financing models, in line with the sustainability requirements that are increasingly present in debt markets," Petrobras said.

The credit line has a five-year duration.